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Status: You are viewing the version of the handbook as on 2005-06-30.

LLD 15.2 Requirement to report to the FSA23

LLD 15.2.1R

The Society must report to the FSA within 6 months of the end of each financial year on its financial situation and solvency and on the whole of the insurance business carried on by members.

LLD 15.2.2R

The report in LLD 15.2.1 R must be prepared in accordance with PRU 1.3.5 R2 and this chapter.

2
LLD 15.2.3R

The report in LLD 15.2.1 R must include:

  1. (1)

    the Lloyd's Return which comprises a completed set of the forms set out in LLD 15 Annex 1 R, together with any statements, notes, reports or certificates required by this chapter; and

  2. (2)

    a copy of the syndicate accounts for each syndicate that is required by byelaw to prepare accounts for the financial year.

LLD 15.2.4R

The Lloyd's Return must be examined and reported on by the auditors appointed to audit the affairs of the Society.

LLD 15.2.5R

The Society must provide a printed copy of the Lloyd's Return to the FSA, with Form 9 signed by three signatories who are senior officers of the Society each duly authorised by the Council to sign the Lloyd's Return on behalf of the Society.

LLD 15.2.6R

If the FSA notifies the Society that any part of the Lloyd's Return is not in conformity with this chapter, the Society must promptly make any appropriate corrections or adjustments and if necessary re-submit the Lloyd's Return (or relevant part of it).

LLD 15.2.6AG

The report referred to in LLD 15.2.1 R must be submitted in writing in accordance with SUP 16.3.7 R to SUP 16.3.10 G (see SUP 16.3.6 R).1

LLD 15.2.7G

The Society should make the report, including amendments and corrections, and amalgamated syndicate accounts available at its head office for inspection by policyholders and potential policyholders and members.

LLD 15.2.8G

The signatories that are required under LLD 15.2.5 R should where possible include the Chairman and Chief executive of the Society.